US STOCKS-Futures lower after weak Chinese economic data

May 3 (Reuters) - U.S. stock index futures were sharply lower on Tuesday after weak Chinese economic data raised concerns about the health of the global economy.

* Activity at China’s factories shrank for the 14th straight month in April as demand stagnated, a private survey showed, adding to questions over whether the world’s second-largest economy is recovering.

* Australia’s central bank also surprised markets by cutting interest rates to a record low of 1.75 percent. The majority of economists surveyed by Reuters had expected no change.

* The dollar index, a measure of the dollar’s value against a basket of major currencies, fell to as low as 91.91. It was last there in January 2015.

* U.S. stocks rose on Monday, rebounding from losses last week, as financials gained with Berkshire Hathaway and the Nasdaq snapped a seven-session losing streak.

* After raising interest rates in December for the first time in nearly a decade, the Fed held monetary policy steady last week. While the Fed kept the door open to a hike in June, it gave no signal that it was in a hurry to tighten further, even as the labor market improved.

* Oil prices fell as rising output from the Middle East and North Sea renewed concerns about a global supply overhang.

* Shares of drugmaker Pfizer were up 2.9 percent at $33.76 in premarket trading after the company reported a rise in quarterly revenue.